Islands has reached an
agreement to sell its 49% share in its Avion Aircraft
Trading operation to the division’s management team.
acquiring party – which includes Avion Aircraft
Trading chairman Hafthor Hafsteinsson
and other managers – already holds the other 51% of
stated in May that it was preparing to sell the remaining Avion
stake, and was also considering divesting its wholly-owned wet-lease operator
Air Atlanta Icelandic.
says that a conditional agreement on the sale was reached at the end of July,
and that associated provisions have since been lifted.
have had a very enjoyable collaboration [over] the last half-year but
considered this the right time to acquire the remaining shares in the company,”
are working on some very exciting projects and expect great opportunities
supporting this investment.”
Avion, which was established two years ago, has acquired,
re-sold and leased a total of 36 aircraft.
from the Avion sale, to be recorded in third-quarter
figures, will be around $28 million and the profit before tax for the disposal
is expected to be $24 million. The proceeds will be used to repay investment
loans in other business areas.